FN19. The Rule
incorporates the definition of “institution of higher education” found at 20
U.S.C. §1001(a). Section 1001(a) provides that an “institution of higher
education” means an educational institution in any state that - -
(1) “admits as
regular students only persons having a certificate of graduation from a school providing
secondary education, or the recognized equivalent of such a certificate;
(2) is legally authorized within such State to provide a program of
education beyond secondary education;
(3) provides an educational program for which the institution awards a
bachelor's degree or provides not less than a 2-year program that is acceptable for full
credit toward such a degree;
(4) is a public or other nonprofit institution; and
(5) is accredited by a nationally recognized accrediting agency or
association, or if not so accredited, is an institution that has been granted
preaccreditation status by such an agency or association that has been recognized by the
Secretary for the granting of preaccreditation status, and the Secretary has determined
that there is satisfactory assurance that the institution will meet the accreditation
standards of such an agency or association within a reasonable time.”